GM friends,
Solana definitely has the media’s attention and one of the reasons is all the massive airdrops happening there.
And because you’re a Premium Member, we want to make sure you get a piece of the action. That’s why today’s DeFi tutorial is a marginfi airdrop strategy.
And as always, we have Rekt’s TA and Jesse’s full Airdrop Report.
Let’s go!
PS: For any crypto related questions please comment on the website.
Let’s dive into today’s Altcoin Watchlist.
In today’s edition of the Rekt Capital Newsletter, the following cryptocurrencies will be analysed & discussed:
- Ocean Protocol (OCEAN)
- SushiSwap (SUSHI)
- Theta Token (THETA)
- Woo Network (WOO)
- Fetch ai (FET)
- Coti (COTI)
- Polygon (MATIC)
Let’s dive in.
Ocean Protocol — OCEAN/USDT
OCEAN has been an Altcoin we’ve been covering for weeks now.
It started with downside wicking below the Channel:
And then OCEAN rallied over 100% since then:
On this recent breakout move this week, OCEAN has broken into the red-blue range ($0.48-$0.63).
Any dips into the red Range Low will likely serve as a retest attempt to re-affirm said level as new support.
From my perspective, it’s important to add to winners in strong uptrends which is why moments of re-accumulation can figure as prime opportunities for just that.
Should a dip into the red level indeed occur, that would be another re-accumulation opportunity.
Generally, OCEAN Monthly Closed inside a key region of resistance to kickstart this December move:
Holding above the red region throughout December would be positive for price and will position OCEAN for a move to the Macro Downtrend above (purple), with time.
In the meantime, a dip into red or a reclaim of the black $0.63 Range High resistance would be figure as prime re-accumulation moments.
SushiSwap — SUSHI/USDT
Here is the chart I shared for SUSHI earlier this month, suggesting a retrace into the Range Low area (green):
Here’s a follow-up to that chart, one week afterwards:
SUSHI had indeed dipped into the Range Low for a retest.
The path suggested further upside after a successful retest there.
Here’s today’s update:
SUSHI has rallied +58% into the Range High resistance.
Fantastic move from Range Low support to Range High resistance, all inside the time span of 1-month.
With price now near the top of the range, the risk of a rejection is increasing given how a resistance like this tends to serve as the point of maximum financial risk.
However, given how we are at the early stages of a Bull Market, there is a chance SUSHI could still reclaim the red Range High as new support.
In the past, merely upside wicking beyond the Range High is a bearish sign whereas printing a higher timeframe candle close beyond that point would be bullish.
This is something SUSHI needs to demonstrate in the coming period: is it able to perform higher timeframe candle closes beyond the Range High?
If SUSHI isn’t able to break the Range High on the first time of asking, then it’s worth considering a return to the Range Low support, given how price is inside the green-red range and technically just consolidating:
A return to the Range Low support would mean that SUSHI could take the shape of an inverse Head & Shoulders formation, with…
